In this paper we investigate the real effects of fiscal policy in Brazil during the 1995-2008 period by estimating a VAR model that explicitly takes into consideration the role of public debt in the determination of fiscal variables, as recommended by Favero and Giavazzi (2007). According to our...

This paper analyzes the macroeconomic impacts derived from the recognition of previously unreported fiscal liabilities during 2015 in Brazil. This is done within a DSGE model with a detailed public sector developed and calibrated for the Brazilian economy. The gradual recognition of these fiscal...

This paper analyzes the macroeconomic impacts derived from the recognition of previously unreported fiscal liabilities during 2015 in Brazil. This is done within a DSGE model with a detailed public sector developed and calibrated for the Brazilian economy. The gradual recognition of these fiscal...